Food truck owner offering to lease me the truck for a % of each sale or fixed monthly fee
I found a food truck (1982 Chevrolet P20 Step-Van 27,000 miles) & the owner has offered to lease me the truck for either a fixed monthly fee or a % of every sale.
He doesn't want to sell me the truck & eventually wants it back after 3-5 years, which would all be detailed in our contract.
The plus side of this deal is it would allow me to enter the market w/out a huge upfront investment/risk & allow me to make reasonable monthly fixed payments until a certain agreed upon total dollar amount is reached (the value of the truck), or a % of each sale under the same which would be paid until a final total dollar amount is reached.
The downside is I wouldn't own the truck so any repairs & upgrades done wouldn't be returned to me as I couldn't sell it, although we agreed a reduced monthly fee or % would offset these repairs etc.
*Do you think this is a good method, especially starting out?
*And what % of each sale/order or fixed monthly fee would be reasonable under this arrangement where I would cover all repairs etc?
I haven't had the truck tested by a mechanic yet but will do so before finalizing anything.